The false goal of maximizing investment returns
Posted 48 weeks 6 days ago by Philip Brewer
Along about the middle of the dot-com boom--when the market had already had two years of 20% annual gains--I read an article that suggested that individual investors had no need of a cash reserve, because they could use credit cards in an emergency. As I explained in my article about the credit squeeze , I think keeping a cash reserve is especially important right now, but I mention this article because I think it highlights a fundamental distinction in the way people think about investment returns.


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